Case Study Assessment
This report will outline and compare the way Australia and China deals with economic problems and issues. Australia is a mixed economy; it is internationally competitive and advanced. Whereas China is a centrally controlled economy, the difference in these two economies is that China's economy is controlled by the government, in which they make all the decisions. However, a mixed economy is where both the state and private sector direct the economy.
Economic growth and the quality of life
Australia is a mixed economy it is one of OECD's fastest growing economies during the 1990s; this was due to the economic reforms adapted in the 1980s, and in 2009 the economy grew by 1.4% which was the best performance in OECD, and by 2.5% in 2010. In 2012 it reached a growth of 3.3% (CIA, The World Factbook). Since Gillard has come into power, the government are focused on achieving an increase in Australia's economic productivity, to ensure the sustainability of growth.
(CIA, The World Factbook)
Australia's quality of life is extremely high; this is proven by Australia's quality of life being ranked 6th in the world out of 57 key economies (Austrade). In 2008-2010, Australia's life expectancy was 84 years for females and 79.5 years for males. In a survey carried out by the OECD's How's life? 85% of Australians rated themselves at being in good health, and 25% higher than the OECD average. The quality of Australians life is also judged on how satisfied the Australians are with their lives, almost eight in ten Australians have said to be pleased. (OECD, better life index)
In comparison China is a centrally controlled economy, and political controls remain constricted. Since the early 1990s china has increased its global outreach and its...